Obama Speaking (Almost) Candidly about U.S. Oil situation

I received an email from a reader with this Link. Skip the first 49 minutes and listen from that point for just a few minutes. That is the President of the United States acknowledging "Peak Oil"... just not in those words.

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I am running out of love for the US$. The US$ has now gone vertical, as measured on the Dollar Index... assets that go vertical ALWAYS wind up like Wiyle E. Coyote (Super Genius)... they notice at some point that they missed the Road Runner and are standing on thin air.

10 year Treasury notes were one of my biggest positions (personally). No longer. I shortened the maturity's down to 1 to 3 years, and used some of the proceeds to reestablish positions in energy equities, which have been beaten to smitherines by the BP debacle. The risk is is that these companies really need to be discounted because they are environmental time bombs... I reserve the right to change my mind... but I think that U.S. energy companies in particular, and energy companies in general, are cheap (that does not mean that they could not get cheaper... I am NOTORIOUSLY early...) Some of these are trading back down near their March 2009 lows... here's your second chance... but only for "Risk" capital... if you don't have any of that, this is not for you. My bet is, this sector will look very cheap when we look back on it in a couple years.

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"A one-year delay on new deepwater projects stemming from the Gulf of Mexico well rupture could cut world oil supply by 500,000 barrels per day between 2013 to 2017, Bernstein Research said in a note to clients on Friday."

I will be happy to take the "Over" on that trade. It will be a lot more than 500k bpd and it will last a lot longer than 2017.

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Obama is taking a great deal of political heat for the Horizon blow out. It reminds me of the heat GWB took for Katrina. This is what our political beliefs and passions has been reduced to - "The Blame Game." It has to stop somewhere. I know a lot of folks that were and are FURIOUS at the Left and their media dogs for what they did to GWB over the Katrina story. "Two wrongs don't make 1 right". For the good of the country, it is time to stop this silliness. Obama did not cause or improperly handle the GOM leak. GWB did not cause or improperly handle the Katrina response. Sh*t, in fact, DOES HAPPEN.

Unless somebody has to be blamed so that someone else can benefit politically.